Statistics Canada confirmed the uptick in unemployment on Friday, noting the rate climbed from the 6.4 percent level recorded in August. While the 6.5 percent headline figure aligned with analyst forecasts, the depth of the job losses highlights a cooling trend in the domestic economy. When adjusted to align with U.S. Labor Department methodology, the country’s unemployment rate reached 5.6 percent, sitting 0.3 percentage points higher than previous estimates.
Canadian Job Market Shrinks as Unemployment Hits 6.5 Percent
Canada’s labor market contracted for the second consecutive month in September, shedding 68,300 net jobs and pushing the national unemployment rate to 6.5 percent. The figure marks a departure from market projections, which had anticipated a modest gain of 9,000 positions following August’s decline of 41,700 jobs.
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